Co-founders Simon Henry and Andrew Taylor have stepped down as Co-CEOs, but will remain in the real estate portal
China’s top international real estate portal Juwai.com has announced a major C-suite restructuring and appointed COO Charles Pittar as its new CEO, while Co-founders Simon Henry and Andrew Taylor will step down from their roles as Co-CEOs.
As Juwei.com is privately held, the company will not disclose how the decision affects the board moving forward. Board Chairman Rupert Purser, a Senior Advisor for Burford Capital, released the following statement.
“On behalf of the entire Board, I congratulate Charles on this appointment. He has more than earned it with his work as COO last year,” he said. “I especially want to give the Board’s thanks to Andrew and Simon for their leadership and assistance in facilitating this smooth transition.”
Co-founders Henry and Taylor will remain active decision makers in the company and will perform a wide variety of roles.
Before becoming the COO of Shanghai-based Juwai.com, Pittar worked as COO of Macquarie Bank and has nearly 15 years’ business experience in Greater China.
Juwai.com gets 2.6 million monthly visitors from Chinese-speaking users from both inside and outside of the country. The company says it has users in 415 cities and 48 countries. The website’s 2.5 million listings come from 85 countries.
The property listing portal is going to be an interesting watch in 2016, as the world’s second-largest economy grapples with an economic slowdown.
On January 16, the company released some interesting data suggesting Los Angeles is becoming the most popular destination for Chinese investors.
The strategy from a Chinese perspective is to buy large, expensive homes (priced around US$10 million) in an effort to stash assets abroad to protect themselves from an erratic domestic market.
But while some Chinese might be turning abroad for asset allocation, a November Wall Street Journal report suggests the average buyer is a bit spooked and is holding back on making foreign property investments.
In May 2015, Juwai.com partnered with Auction.com to allow Chinese investors to participate in US commercial real estate auctions.
Photo courtesy of Juwai.com
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